13 Jan 2021
Posted in Consumer
Philippines savory snacks market to reach US$1.48bn in 2024, says GlobalData
The Philippines savory snacks sector is projected to grow from ₱61bn (US$1.17bn) in 2019 to ₱79.1bn (US$1.48bn) in 2024 at a compound annual growth rate (CAGR) of 5.3%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Philippines Savory snacks – Market Assessment and Forecasts to 2024’, reveals that the sector is majorly driven by growth in the meat snacks category, which is forecast to register the fastest value CAGR of 6.5% during 2019-2024. The category will be followed by ‘nuts and seeds’ and ethnic/traditional snacks, which are expected to record CAGRs of 6.2% and 5.4%, respectively, during the next five years.
Sanchi Agarwal, Consumer Analyst at GlobalData, says: “The Philippines savory snacks sector is being driven by the falling unemployment rates and rising disposable incomes. Additionally, a large young population (aged15-34 years), which owing to globalization and increased exposure to different cultures willing to experiment and often opt for premium snacking options, is also driving sales in the sector.”
‘Hypermarkets & supermarkets’ was the leading distribution channel in 2019. It was followed by convenience stores and food & drinks specialists.
The value share of the Philippines in the global savory snacks sector is expected to remain constant at 0.8% in 2024 as it was in 2019. Similarly, the country’s share at the regional level is expected remain constant at 2% in 2024 as in 2019.
Universal Robina, PT Liwayway and Food Industries Inc are the top three companies in the country. Jack `N Jill and Oishi were the leading brands in value terms in 2019.
Ms Agarwal concludes: “Consumers in the Philippines lead busy lifestyles and spend a lot of time out of the home. As a result, they seek snacks that allow on-the-go consumption to fit into their hectic lifestyles. As a result, savory snacks manufacturers are offering novel products packaged in resealable, easy-to-carry pouches to appeal to these consumers.”